Capital Gain Distribution Analysis

VMPIX - Managers

Robert J. Miller

Manager

Start Date

Oct 01, 2010

Tenure

6.58

Tenure Rank

11.6%

Robert Miller is a senior portfolio manager for the Wells Capital Management Tax-Exempt Fixed Income team, where he manages both mutual funds and separate accounts. Prior to joining WellsCap in 2008, Robert worked for American Century Investments for 10 years where he was part of team managing the firm’s municipal bond portfolios. Robert had direct responsibility for the firm’s national intermediate- and long-term investment grade strategies. In addition, he managed several other state-specific funds for the firm. Robert also served as a member of its analytical team. Earlier, Robert spent eight years in New York as a municipal bond analyst with Moody’s Investors Service where he served as an analyst in the States and High Profile Ratings Group as well as the Airport Credit Group, the Southeast Regional Ratings Group, and the Mid-Atlantic Regional Ratings Group. He also founded a small venture capital firm and served as a consultant with Black and Veatch and KPMG Peat Marwick, where he specialized in conducting financial feasibility studies in support of large infrastructure projects. Robert earned a bachelor’s degree in business administration with a concentration in finance from San Jose State University and a master’s degree in business administration from the Leonard N. Stern School of Business at New York University.

Wendy Casetta

Manager

Start Date

Oct 01, 2010

Tenure

6.58

Tenure Rank

11.6%

Wendy Casetta is a senior portfolio manager for the Wells Capital Management Tax-Exempt Fixed Income team. She joined Wells Capital Management from Strong Capital Management where she held a similar position. Prior to joining Strong, Wendy was a fixed income trader and investment associate at Barnett Capital Advisors in Jacksonville, FL. She began her investment industry career in 1993 as a registered representative at the Nicholas Company in Milwaukee, WI. Wendy earned a bachelor’s degree in finance from the University of Wisconsin, Oshkosh, and a master’s degree in business administration from the University of North Florida, Jacksonville.

Lyle J. Fitterer

Manager

Start Date

Jul 12, 2010

Tenure

6.81

Tenure Rank

11.3%

Lyle Fitterer is head of the Tax-Exempt Fixed Income team at Wells Capital Management, where he manages portfolio teams focused on municipal fixed income strategies. In addition to this role, Lyle also served as head of the WellsCap Customized Fixed Income team, which manages taxable longer duration strategies, from mid-2005 to early 2009. Lyle joined the firm in 2005 from Strong Capital Management. At Strong, he was appointed director of Strong’s Municipal Fixed Income team in 2000. Prior to that, he served in a variety of other roles with the firm, including managing director of Strong’s Institutional Client Services team where he was responsible for overseeing institutional and intermediary sales. For six years prior to that, Lyle was a member of the Strong Taxable Fixed Income team, initially as an analyst and trader and then as a portfolio manager specializing in mortgage and asset-backed securities. Lyle began his investment career in 1989. He earned a bachelor’s degree in accounting from the University of North Dakota. He is a Certified Public Accountant and has earned the right to use the CFA designation. Lyle is a member of CFA Institute. His views have been cited in various publications including: The Wall Street Journal, Bloomberg, Barron's, and The Bond Buyer.